M, N and O are partners sharing profit and losses in the ratio 2:1:1. N died on 1st Jun 2020. The sales from 1st January 2020 to 1st Jun 2020 was OMR 90,000. Sales for 2019 OMR 120,000 Profit for 2019 was OMR 28,000. Calculate N's share of profit on the basis of turnover. a. None of the options b. OMR 20,997.00 O c. OMR 5,249.25 O d. OMR 26,246.25
Q: Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and P110,000,…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Bel and May have capital balances of P900,000, and P1,300,000 as of December 31, 2020. Bel and May…
A:
Q: Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: X, Y and Z were partners sharing profits in the ratio of 3:2:1. Y retires, X and Z have agreed that…
A: New profit sharing ratio between X & Z = 3 : 1 X's share in capital of new firm = $2,00,000×34…
Q: On January 1, 2020, July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: On January 1, 2021, A and B, both sole proprietors, decided to form a partnership to expand both of…
A: Partnership is a joint association between two or more than two partners, in which they invest their…
Q: Lem 2 anuary 1, 2020, Be allocation of partr
A: Generally profits are distributed with certain ratio. Here in this…
Q: Loren and Carmela share profits after the provision of annual salary allowances of P14,400 and…
A: Accumulated Depreciation -: It is simply cumulative depreciation charged on an asset to a single…
Q: Del Mundo, Ballada and Mendoza are partners sharing profit on a 7:2:1 ratio. Burgos was admitted…
A: The profit and loss of a partnership firm needs to be distributed as per the agreed profit and loss…
Q: E,F and G are partners sharing profits in the ratio of 5:3:2 respec- tively. On 1st January 2002 F'…
A: Answer:
Q: On December 31, 2020, ABC partnership’s statement of financial positions shows that A, B, and C have…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: Y admits Z for a partnership in his business. The balance sheet accounts of Y on November 30, 2023…
A:
Q: If a new partner pays his share of goodwill In cash? Which method is applend in the troatment of…
A: Method of Usage : "Premium method" is used, if a new partner pays his share of goodwill in cash into…
Q: On December 31, 2020, ABC partnership’s statement of financial positions shows that A, B, and C have…
A: Introduction:- Calculation of the capital balance of A after the retirement of C as follows:-…
Q: ABC, DEF and GHI formed a partnership on April 1, 2022 and contributed The partners agreed that…
A: Operating Profit for the year ended 31 December = P176,000 Annual salary: ABC = P 24000 DEF = P…
Q: Dasal, Kho, Papasa, and Akho are partners sharing earnings in the ratio of 4:5:4:7. The balance of…
A: Partnership is a form of business in which partners agree to share profit and losses as per agreed…
Q: A, B, C and D are partners, sharing earnings in the ration of 3:4:6:8. The balance of their capital…
A: Partnership is an association or agreement between two or more than two partners, in which they…
Q: Ally and Fatty are in partnership named AF Ent. Profit sharing ratio is based on their contributed…
A: The Profit and loss appropriation account is prepared to appropriate the various expenses related to…
Q: As of December 31, 2021, the books of GOV Partnership showed the following balances: G – P400,000; O…
A: For calculation of cash available to partner we need to calculate to Balance sheet before…
Q: Del Mundo, Ballada and Mendoza are partners sharing profit on a 7:2:1 rat Burgos was admitted into…
A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…
Q: P and R share profits after the provision of annual salary allowances of P 14,400 and P 13,200,…
A: Partnership: It is a legal form of business formed by a group of people who conducts and manages the…
Q: lizabeth, Arden and Hugo are partners sharing profits in the ratio 3:2:1, respectively. Capital…
A: Solution: When a partner is retired from partnership, amount paid in excess of his balance to…
Q: 1. On July 1, 2021, Jungkook admits Jimin for an interest in her business. On this date, Jungkook's…
A: Given, Accounts receivable is P500,000 Collectible is 20% Unearned interest is P24,000 Increase in…
Q: Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and P110,000,…
A: Partnership: It is a type of business form. Under this business form, two or more individuals…
Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…
A: For every company, its liquidation value should be considered. It represents the value of the…
Q: Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and P110,000,…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 945,000, P477,300, and P324,700, respectively. The partners receive 10% interest their average…
A: Explanation of concept Partnership is the firm which is run by two or more partners on the basis of…
Q: On December 31, 2019, the balance sheet for the XYZ Partnership follows: The percentages shown are…
A: At the time of liquidation first the outside liabilities are settled and then if any cash remain it…
Q: A Sole Proprietor and an Individual with No Business Form a Partnership On Apr. 8, 2019, Tolentino…
A: The following calculations are done for Tolentino marketing to show the capital contributions in…
Q: The following information was obtained from the records of BV Suppliers, a partnership business with…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Singer and McMann are partners in a business. Singer's original capital was $37,800 and McMann's was…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: On December 31, 2018, the Statement of Financial Position of JKL Partnership with profit or loss…
A: Partnership: Partnership is a form of business organization in which two or more than two…
Q: Azad and Benny are equal partners. Their capitals are Rs. 40,000 andRs. 80,000, respectively. After…
A:
Q: Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem…
A: Partnership is an agreement between two or more persons which join hands, invest capitals and then…
Q: 28. As of December 31, 2020, the books of Abad, Sison and Dario Partnership showed capital balances…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Ahmed And Ali had beginning capital balances of OMR 50,000 and OMR40,000, respectively. The two…
A: Partnership is an agreement between two or more than two persons, in which they invest money, run…
Q: Jungkook and Jimin partners who share profits and losses in the ratio of 3:2 respectively. Salary:…
A: Total partnership income can be calculated by adding the salary paid, interest paid and profits…
Q: The following transactions of Best Pizza, owned by Reyes, Ortiz and Flores, took place from March 1…
A: Partnership refers to the association amongst two or more people to carry on the common business…
Q: John, Savannah and Channing are partners sharing profits on a 5:3:2 ratio. On January 1, 2020,…
A: Partnership: A partnership is defined as a relationship where two or more parties having compatible…
Q: Bamba and Balbin share profits and losses in the ratio of 1:2. Bamba receives a monthly salary of…
A: The calculation of amount withdrawn by Bamba is shown hereunder :
Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…
A: 1)
Q: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after…
A: Partnership business means where two or more person comes together to do the business and share the…
Q: X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their…
A: Total Capital= X + Y + Z=P 200,000 + P 175,000 + P 375,000 =P 750,000
Q: M, N and O are partners sharing profits in the ratio of 2: 2: 2. N dies on 30th Jun 2020 due to ill…
A: Half year profits=Annual profit×612=OMR 20,000×612=OMR 10,000
Q: Singer and McMann are partners in a business. Singer's original capital was S43,200 and McMann's was…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: . Del Mundo, Ballada and Mendoza are partners sharing profit on a 7:2:1 ratio. Burgos was admitted…
A: Under partnership, the ratios of partners changes with the admission or retirement of any partner.…
Q: The Partnership of Rose and Dailine is being dissolved, and the assets and equities at book value…
A: Partnership refers to business organization in which business is owned by two or more people and in…
Q: If the partners opted to continue the books of the sole proprietor and the Merchandise inventory has…
A: Partnership is one of the agreement between two or more than two persons in which they invest their…
Q: Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been…
A: Non cash assets means the assets other than cash and bank balances. Any amount received more or less…
Step by step
Solved in 2 steps
- PROBLEM: ZOE and ZIA PARTNERSHIP reported income for the year 2021 was P250,000.00 and the partners divide their profit 70:30 respectively. In January 2022, they changed the ratio to 50:50. During 2022, the following errors were discovered for the 2021 net income. 1. Depreciation was overstated by 30,000.00. 2. Prepaid rent for 20,000 was ommitted. 2. Accrued interest payable was ommitted worth 25,000.00 Required: 1. Compute the correct net income for 2021. 2. Compute the correct share of each partner in the net income for 2021. 3. Compute the difference of the share actually received and should have received by each partner in 2021. 4. Prepare the journal entry to record the adjustment of the partner's capital account on December 31, 2022.Almutaz Ahmed and Amir are partners sharing profits in the ratio of 9: 6: 3. Ahmed retires and Goodwill of the firm is valued on that date OMR 30,000. Calculate the Goodwill share of Almutaz? a. None of the options b. OMR 7.500 c. OMR 10,000 d. OMR 2,500Mohammed Ahmed and Amir are partners sharing profits in the ratio of 9: 6: 3. Ahmed retires and Goodwill of the firm is valued on that date OMR 30,000. Calculate the Gaining ratio of Mohammed and Amir? a. None of the options are correct b. 1: 1 C. 3: 1 d. 2: 1
- X, Y and Z are partners sharing profits in the ratio 3:21, respectively Capital accounts are P 500,000, P300,000 and P 200,000 for X, Y and Z, respectively on December 31, 2021, when Z decided to withdraw. It is agreed to pay P 300,000 for Z's interest. Profits after the retirement of Z are to shared equally Assuming the use of bonus method, how much is the capital balance of X after the retirement of 2d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decreaseThe Partnership of Rose and Dailine is being dissolved, and the assets and equities at book value and fair value and profit and loss ratios at January 1, 2021 are as follows:Book Value Fair ValueCash P20,000 P20,000Accounts Receivables – net 100,000 100,000 Inventories 50,000 200,000Plant Assets – net 100,000 120,000P270,000 P440,000Accounts Payable P50,000 P50,000Rose, Capital 120,000Dailine, Capital 100,000P270,000 Rose and Dailine agreed to admit Janyla into the partnership for one-third interest. Janyla invests P95,000 cash and a building to be used in the business with a book value to Janyla for P100,000 and a fair value of P120,000.Compute the capital balance of Dailine after the admission assuming that the assets are revalued and goodwill is recognized.a. P175,000 c. P195,000b. 155,000 D. 205,000
- SCORE: NAME: PROFESSOR: SECTION: Multiple Choice for Manongsong of P80,000 per annum. Profit for 2019 was P840,000 and the end balances on partners' capital accountsS are as follows: Ceradoy, P200 Manongsong, P150,000 and Anuran, P120,000. residual profits for 2019? ve a. P120,400 b. P126,670 C. P130,000 d. P140,000 2. Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts on June 30 each year.On Jan. 1, 2019, Castro joined the partnershin The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro P12,000. The partnership profit for the year ended June 30, 2019 was P480,000. accruing evenly over the year. What are the partners' total share in profits for the year ended June 30, 2019? Malaluan Baral Castro a. P162,000 000's 000 b. d. P264,000 P156,000 3. Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis. The…Y admits Z for a partnership in his business. The balance sheet accounts of Y on November 30, 2023 prior to admission of Z are as follows: DR CR Cash ? Accounts receivable 336,000 Inventory 504,000 Accounts Payable 173,600 Y, capital ? It is agreed that for purpose of establishing Y’s interest, the following adjustments should be made: An allowance for doubtful accounts of 2% of accounts receivable is to be established The inventory is to be valued at P560,000 Prepaid expenses of 18,200 and accrued expenses of 11,200 are to be recognized. Y invested cash of 397,740 to give him 1/3 interest in the total capital of the firm. What is the capital balance of Y before admission of Z? (ANSWER IS 739,200 I need solution.)On January 1.2019 an investor bought 400 shares of Absaroka, inc for 4 per nhare On Jrry 1 2000 the inveter sold the stk e 7 per shaie The sock pada terly dvidend of 031 per shore Hw mh de he stt ean on s linvestment and, ansuming the invest pays a ta a of 15% on dividends and cpal gains, how muh w the pay income tas dn this aaction? The amount before taxes) the investor earmed un westments Round to the neart dl) Rund to the et Assuning a tx rate of 15 he amount she wil pay in incame taxes on this tranacdon is
- Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021 using template provided The following must be taken into account:(a) The net profit according to the statement of comprehensive income amounted to R1 400 000 on 28 February2021.(b) The partnership agreement made provision for the following:¦ Interest on capital must be provided at 18% per annum on the balances in the capital accounts.Note: Camy increased her capital by R240 000 on 01 September 2020. Raymond decreased his capital byR120 000 on the same date. The capital changes have been recorded.¦ The partners are entitled to the following monthly salaries:Camy R26 000Raymond R25 000Note: The partners’ salaries were increased by 10% with effect from 01 December 2020.¦ Camy and Raymond share the remaining profits or losses equally.A, B, C and D are partners sharing profit and losses in the rate of 4:3 :3:2. Their respective capitals on 31st March, 2021 were $3,000, $4,500, $6,000 and $4,500. After closing and finalizing the accounts it was found that interest on capital @ 6% per annum was omitted. Instead of altering the signed accounts it was decided to pass a single adjusting entry on 1st April, 2021 crediting or debiting the respective partners' accounts. Show the Journal Entry.Accounting Partners x, y, z capital balances: 150000, 250000, and 450000, respectively. p/l based on capital. y became a pwd and thus incapable of performing his duties, so he withdrew, april 25. as at april 25: income summary 78700 (debit balance). partners agreed to a +reval (land) of 90000, and to give y a 10% interest from withdrawal date up to payment date, and a bonus of 20000. as of april 25, partner drawings were 3k, 10k, and 1k, respectively. Required: matrix for capital update for y and new p/l ratio for the remaining partners. cash distribution to y, july 25.